CIT Bank Platinum Savings Account Review: An Introduction 

Asher Tame
Asher Tame Finance Business News
4 Min Read

CIT Bank Platinum Savings is an impressive high-yield savings account offering a competitive interest rate on qualifying balances. As a division of First-Citizens Bank & Trust Company CIT Bank provides customers with the reliability and security of a top 20 financial institution in the United States. This in-depth CIT Bank Platinum Savings Account review will examine the features .

Competitive Interest Rates and Minimum Balance Requirement

CIT Bank Platinum Savings stands out in the realm of high-yield savings accounts as it offers a substantial interest rate well above the national average. Currently the account features an impressive 4.95% APY on balances of $5,000 or more . However the balances below $5,000 earn a lower interest rate of 0.25% APY. As such this account is most beneficial for individuals who plan to maintain a minimum balance of $5,000 .

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FDIC Insurance Coverage and Security

CIT Bank provides the peace of mind that comes with FDIC insurance as it protects deposits up to $250,000 per account holder per financial institution . Joint accounts may qualify for up to $500,000 in FDIC coverage. This government-backed insurance ensures the safety of deposited funds even in the event of a bank failure.

User-Friendly Mobile App and Website Experience

CIT Bank prioritizes a secure and user-friendly online banking experience. Their mobile app is available for both Android and iOS devices and enable convenient access to accounts. The app supports remote check deposits and facilitates seamless online transfers between CIT Bank accounts as well as accounts held at other banks. The website also offers a straightforward interface for managing accounts .

Ideal for Savers with $5,000 or More

CIT Bank Platinum Savings is an excellent choice for individuals with at least $5,000 to save for the future while earning a high interest rate and avoiding fees . As an online bank account signup is available to customers across the United States.

Consideration for Higher Balance Savers

For households with cash savings exceeding $250,000 CIT Bank can serve as a valuable second bank to maintain FDIC insurance coverage for the entire savings amount . It’s important to note that CIT Bank is a division of First Citizens Bank and FDIC insurance is aggregated under both brands. This means that the total FDIC coverage across First Citizens Bank and CIT Bank is $250,000 per depositor and not $250,000 each.

Accessibility and Nationwide Account Opening

As an online bank CIT Bank offers accessibility to customers nationwide. Individuals can open an account from anywhere within the United States which further expands the reach and convenience of CIT Bank Platinum Savings.

Limitations for Low-Balance Savers

Savers who struggle to meet the $100 minimum opening deposit requirement may find this account less accessible . Additionally if maintaining a balance of at least $5,000 is challenging the lower interest rate of 0.25% APY may render the account less attractive for some households . In such cases the Savings Connect account may be a more suitable alternative.

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Asher Tame
By Asher Tame Editor-in-chief
Hi there! My name is Asher, and I'm a Finance Editor based in Canada. I'm passionate about all things finance and have spent years honing my skills in the industry. I graduated from the Master of Finance program at the University of Toronto, which provided me with a strong foundation in financial theory and practice. Since then, I've worked in a variety of finance-related roles, including as a financial analyst and a financial advisor. These experiences have given me a deep understanding of the industry and a keen eye for detail. As a Finance Editor, I'm responsible for overseeing the financial content produced by my team of writers. I work closely with them to ensure that our articles are accurate, insightful, and relevant to our readers. I'm committed to providing our readers with the information they need to make informed decisions about their finances.
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